ECB's QE unlikely to end before September 2016

ECB policy makers indicate that the ECB could expand the asset purchases. 

"The central bank's QE will go on beyond September 2016 because inflation is unlikely to be close enough to the ECB's target by then. Inflation will pick up soon due to base effects and the growth outlook is not that bad, despite the China risk", argues Nordea Bank.

If the ECB wanted to announce a higher amount of asset purchases because inflation and inflation expectations are low, the next policy meeting on 22 October looks like the best occasion. Inflation will still be close to zero by then, but is set to pick up to rates closer to 1% y/y afterwards due to base effects. A higher inflation rate often also entails higher inflation expectations. The whole question is whether the ECB will be patient enough to look through a few more months of inflation close to zero. 

On the growth side, thing are not looking that bad. Remember that growth is broadly based country-wise and mainly driven by private consumption - not by exports to China. Private consumption is rising not least because inflation is so low.